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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> E. West Washington-Chapin Development Area <br /> (2) continued... <br /> Development Area Acquisition List by <br /> Resolution No. 2852 on March 22, 2011. It <br /> is adjacent to the above property on West <br /> Washington Street. It is a one story office/ <br /> commercial building with full basement built <br /> in 1956. The building contains 2,026 square <br /> feet on a 56' x 93' lot, across the street from <br /> Tippecanoe Place Restaurant. <br /> Resolution No. 2889 sets the acquisition <br /> value of the property at $57,500, the average <br /> value as determined by two independent <br /> appraisals. Staff recommends approval. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.2889 <br /> Mr. Alford and unanimously carried, the RELATED TO ACQUISITION OF PROPERTY IN THE <br /> Commission approved Resolution No. 2889 WEST WASHINGTON-CHAPIN DEVELOPMENT <br /> related to acquisition of property in the West AREA(109-111 N.TAYLOR <br /> Washington-Chapin Development Area (109- <br /> 111 N. Taylor) <br /> (4) Resolution No. 2890 approving and <br /> accepting a counteroffer for the <br /> acquisition of property (109-111 N. <br /> Taylor) <br /> Mr. Relos noted that the owner of 109-111 <br /> N. Taylor has made a counter offer in the <br /> amount of$65,000. The owners of this <br /> property bought it in 1992 for approximately <br /> $60,000. Over the years they have invested <br /> in a new rubber roof, furnace, and office <br /> upgrades. The property is assessed at <br /> $93,100, and is listed for sale at $79,000. <br /> Staff feels the acquisition cost of$65,000 for <br /> this property is reasonable, and requests <br /> 57 <br />